Uniti Group (NASDAQ:UNIT) Updates FY 2024 Earnings Guidance

Uniti Group (NASDAQ:UNIT) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 1.230-1.300 for the period, compared to the consensus earnings per share estimate of 1.350. The company issued revenue guidance of $1.2 billion-$1.2 billion, compared to the consensus revenue estimate of $1.2 billion.

Uniti Group Trading Up 4.1 %

Shares of UNIT traded up $0.21 during mid-day trading on Friday, reaching $5.28. The company’s stock had a trading volume of 1,879,596 shares, compared to its average volume of 2,118,577. Uniti Group has a 1-year low of $2.57 and a 1-year high of $6.71. The stock has a market cap of $1.29 billion, a P/E ratio of 12.88 and a beta of 1.31. The business has a 50-day simple moving average of $5.28 and a two-hundred day simple moving average of $4.30.

Uniti Group (NASDAQ:UNIT) last released its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.28). Uniti Group had a net margin of 8.82% and a negative return on equity of 4.12%. The business had revenue of $294.90 million during the quarter, compared to analyst estimates of $289.97 million. During the same period in the previous year, the business earned $0.34 earnings per share. The business’s quarterly revenue was up 3.9% on a year-over-year basis. Research analysts anticipate that Uniti Group will post 1.31 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada reissued a “sector perform” rating and set a $5.50 price target on shares of Uniti Group in a report on Thursday, August 29th.

Insider Buying and Selling

In other Uniti Group news, SVP Ronald J. Mudry sold 28,693 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $3.94, for a total transaction of $113,050.42. Following the transaction, the senior vice president now owns 513,761 shares in the company, valued at $2,024,218.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.39% of the stock is currently owned by insiders.

Uniti Group Company Profile

Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of fiber and other wireless solutions for the communications industry. As of December 31, 2023, Uniti owns approximately 140,000 fiber route miles, 8.5 million fiber strand miles, and other communications real estate throughout the United States.